The Northern California-based specialty retailer (GYMB)
gymb
said it also expected a loss in the third quarter comparable to its second-quarter loss of 3 cents per share.

Shares were sliced in half, losing 3 3/8 to 4 1/16. Gymboree stock has steadily lost value since hitting a 52-week high of 30 7/8 in December 1997.

Chief Executive Officer Gary White said in a statement that most product lines did not fare as well as expected. Total September sales rose just 1 percent to $40.9 million from $40.6 million a year ago. Same-store sales for the period plummeted 18 percent.

White said the company will postpone its a planned expansion into the Japanese market and delay its plan to open a buying office in Hong Kong.

"We are taking actions needed to move us in the right direction," White said.

According to the company, the third-quarter loss is attributable primarily to costs associated with a new retail concept and year 2000 technology upgrades.

Intraday Data provided by SIX Financial Information and subject to terms of use.
Historical and current end-of-day data provided by SIX Financial Information.
All quotes are in local exchange time. Real-time last sale data for U.S. stock quotes reflect trades reported through Nasdaq only.
Intraday data delayed at least 15 minutes or per exchange requirements.